Demand and supply in the market for pizza are given by the equationsQd=100-2P andQs=2P-20. Use this information to answer the following 4 questions.

What is the marginal cost of the 50thpizza?

A.

$0

B.

$80

C.

$35

D.

$25

What is equilibrium(Q*, P*) in the market forpizza?

A.

(20, $20)

B.

(76, $12)

C.

(60, $40)

D.

(40, $30)

What is total surplus when the market for pizza is atequilibrium?

A.

$800

B.

$1000

C.

$500

D.

$600

If the government imposes a price ceiling of$15 in the market forpizza, which of the followingresults?

A.

There is neither a surplus nor a shorage since the price ceiling is ineffective.

B.

There is a surplus of 30 pizzas.

C.

There is a shortage of 60 pizzas.

D.

There is a shortage of 30 pizzas.